Pages

Tuesday, June 14, 2011

Flashback: Price of Oil Tumbles in Wake of Saudi's Promise to Increase Output

This was the headline:
Crude Oil Prices Tumble As Saudis Signal Unilateral Production Increase
This was the story:  
Energy prices fell June 10 with crude dropping 2.6% to less than $100/bbl on reports Saudi Arabia will unilaterally increase production targets by as much as 500,000 b/d after an acrimonious meeting of the Organization of Petroleum Exporting Countries earlier in the week.
This was the date of the story: June 13, 2011

The price of oil closed today (June 14, 2011) at $99.59.

Yup, WTI crude is less than $100/bbl. Saudi has signaled that it will increase production.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.